Following the recent announcement made by Bank Negara Malaysia, and joint statement by Malaysia Takaful Association (MTA), Life Insurance Association of Malaysia (LIAM) and Persatuan Insurans Am Malaysia (PIAM) regarding the interim measures for the medical repricing, please refer to the documents below for more information:
Press Release by Bank Negara Malaysia
Joint Statement by MTA, LIAM and PIAM
We understand that this situation can be challenging, and we are committed to making this process as smooth and seamless as possible for you. Your patience and understanding during this time are greatly appreciated.
In the meantime, you may contact our dedicated customer service line at 1300-13-8338 and press 6 after language selection, from Monday to Friday, 8.30am - 5.15pm (except Public Holiday) for further assistance.
Medical Sustainability Guide
Your current coverage vs your future coverage
First, let’s understand the concept of Takaful. Takaful refers to the cooperation between individuals to mutually aid each other in providing financial assistance to participants in need. A portion of the contributed amount will be donated into the shared pool called Tabarru’ Fund which is used to pay all claims received by the Takaful Operator.
Did you know? In 2023, RM141 million medical claims were made, which is 45% more than in year 2022. If the claims volume exceeds the total Tabarru’ collected without intervention, the Tabarru’ Fund may deplete and the Takaful Operator may no longer be able to provide coverage to other Takaful participants that contribute to the Tabarru’ Fund. This is where revision of Takaful contribution amount takes place, to ensure the sustainability of the Tabarru’ Fund for the payment of Takaful benefits offered under your Certificate.
Takaful contributions may be affected, potentially impacting your personal finances as well, but Takaful coverage is still a necessity! However, worry not as we will be with you every step of the way. It would be worthwhile to revisit your existing Takaful coverage so we can make the right adjustments for your needs. Click away to see how you can be well informed and ensuring the sustainability of your medical coverage.
Watch the following video for more insights.